Georgia may be one of the Nation’s smaller states, but it has the dubious distinction of being number one in banking failures this year. The failure of Citizens Bank of Effingham, Springfield, Georgia, today marks the sixth banking failure in Georgia this year. With four more banking failures today, the total number of failed banks […]
Habersham Bank Fails In Georgia
February 18, 2011 By Leave a Comment
Habersham Bank of Clarkesville, Georgia, was closed today by the Georgia Department of Banking and Finance. The FDIC, as receiver, sold the failed bank to SCBT National Association, Orangeburg, South Carolina. SCBT will assume all the deposits of Habersham Bank. Habersham Bank has a very long history dating back to 1904 when the bank was […]
Four Bank Failures In Four States Increase Total Failures To 18
February 12, 2011 By Leave a Comment
Four banking failures in four different states have increased total banking failures for 2011 to 18. Small and mid sized banks continue to face the most difficulty as they find it impossible to raise additional capital required by regulators. During 2010 a total of 157 banking failures occurred, the most since 1992 when 181 banks […]
Canyon National Bank of Palm Springs, CA, Closed By Regulators
February 12, 2011 By Leave a Comment
Canyon National Bank, Palm Springs, CA, was closed today by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Pacific Premier Bank, Costa Mesa, CA, to assume all deposits of failed Canyon National. All three branches of Canyon will be […]
Failed Badger State Bank of Wisconsin Taken Over By Royal Bank
February 11, 2011 By Leave a Comment
Badger State Bank, Cassville, Wisconsin, was closed today by the Wisconsin Department of Financial Institutions, which appointed the FDIC as receiver. The FDIC sold Badger to Royal Bank, Elroy, Wisconsin, which assumed all deposits of failed Badger Bank. Badger State Bank was a one branch bank with total assets of $83.8 million and total deposits […]
Peoples State Bank, Hamtramck, Michigan, Closed By Regulators
February 11, 2011 By Leave a Comment
Peoples State Bank, Hamtramck, MI, was closed today by the Michigan Office of Financial and Insurance Regulation, which appointed the FDIC as receiver. The FDIC sold the failed bank to First Michigan Bank, Troy, Michigan, which will assume all deposits of Peoples State. The ten branches of Peoples State will reopen as usual on Saturday […]
Sunshine State Community Bank, Port Orange, Florida, Collapses
February 11, 2011 By Leave a Comment
Sunshine State Community Bank, Port Orange, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the FDIC as receiver. Sunshine was a five branch bank which opened in mid 2000. During the real estate boom of the early 2000’s, the Bank rapidly expanded its assets, growing from $20 million in 2000 […]
FDIC Warns Banks On Potential Losses By Depositors
February 8, 2011 By Leave a Comment
The ultimate nightmare for a bank customer is to have uninsured funds in a failed bank. Depositor losses at FDIC insured institutions occur more frequently than most people realize. Twice already in 2011, depositors at two failed banks have lost money on uninsured deposits. When a bank fails, the FDIC as receiver, will typically find […]
Three Banking Failures In Georgia And Illinois Bring Year’s Total To 14
February 5, 2011 By Leave a Comment
Three banking failures in two different states increased the number of banking collapses in 2011 to fourteen banks. The FDIC, with a long list of 860 Problem Banks, was hit for $118.4 million in losses. The total cost of banking failures in 2011 now totals $1.3 billion. During 2010 a total of 157 banking failures […]
Failed Community First Bank of Chicago Sold To Wintrust Corp
February 4, 2011 By Leave a Comment
February 4, 2011 – Community First Bank, Chicago, Illinois, was closed today by the Department of Financial and Professional Regulation, which appointed the FDIC as receiver. The FDIC sold the failed bank to Northbrook Bank and Trust Company, Northbrook, Illinois, which will assume all deposits of Community First. Community First was a small one branch […]